MINNETONKA, Minn.--(BUSINESS WIRE)-- UnitedHealthcare today announced it has entered into an agreement to renew medical insurance coverage for The Principal Financial Group’s (The Principal®) medical plan customers as The Principal completes its plans to exit the medical insurance business. The Principal will continue to offer life insurance, dental, disability, vision and wellness programs.Insurance News - UnitedHealthcare in Agreement to Provide Compelling Benefit Plan Options to Principal Financial Group Medical Customers
The Principal selected UnitedHealthcare to provide an easy and attractive transition option for its customers to renew their health plans. The Principal currently covers customers in 31 markets nationwide, predominantly throughout the Central United States, where UnitedHealthcare offers an extensive network of physicians, hospitals and other health care providers.
Principal Financial Gets Out of Health Insurance Business–United Health Group Will Offer And/Or Renew Coverage For Policy Holders
One thing that works in the favor of United is that he group of patients to spread expenses over is growing. The rest of the Principal business will stay in place so it’s only the healthcare. The bulk of patients in the Principal system are located in the middle or Midwest part of the country. With or without healthcare reform this type of action would have happened anyway as current economic conditions are driving the same types of actions in businesses outside of health insurance too. BD